Liberal Economics: Bankruptcy

PoliticalChic

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Oct 6, 2008
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The handwriting is on the wall.
If the road to power is through identity politics, pandering to each separate group, especially via monetay-giveaways, you wind up being Detroit...

..or Desert Hot Springs.





1. " Reuters announced last month: TONY RESORT CITY MULLS BANKRUPTCY, BLAMING WAGES, PENSIONS.

2. ... Desert Hot Springs, on the northern edge of the Coachella Valley near Palm Springs.... long ago picked up the nickname “Desperate Hot Springs.” It’s a magnet for parolees and poor retirees living in low-cost tract houses and trailers.

3. On November 19, the Desert Hot Springs city council declared a fiscal emergency, usually a precursor to bankruptcy. The city has $20 million in annual budgeted expenses and only $14 million in revenues.

4. Officials fear that cuts in the budget—70 percent of which goes to the police department—will undermine the progress made on public safety.
But one need only look at the city’s salary schedule to understand what’s really going on.





5. The average annual wage in the police department is $119,000 a year, with the average total compensation topping $164,000. And that doesn’t include the unfunded liabilities—the unaccounted-for costs to pay for generous retirement benefits.

6. Wages for all categories throughout the city are astoundingly high, with many officials earning total-compensation packages well above $200,000 a year. The city manager’s salary and benefits top $300,000 annually.





7. The plight of Desert Hot Springs has prompted concern among California’s hardy pension reformers, who see it as a sign of things to come. But the state’s legislative leaders have mostly shrugged, perhaps because Desert Hot Springs, like other cities sliding into Chapter 9—Stockton, San Bernardino, Vallejo—happens to be on the economic margins.

8. .... Democrat Chuck Reed, mayor of one of California’s wealthier cities, San Jose. Recently, ... noted that San Jose’s police costs had soared in recent years, even as the city has significantly cut the police workforce. He blames this reduction in services on San Jose’s uncontrolled pension debt ....




9. As they ignore cascading budget crises in California cities, the state’s unions have been ramping up their attacks on Reed ... on behalf of a union-funded think tank....dismissed the idea that pension reform is a bipartisan cause, pointing out that the measure enjoyed “right wing” financial support as well as the support of this “conservative” writer. .... “the state’s leading Democrats blasted the proposal.





10. While the Democratic leadership opposes a measure that takes aim at one of its vital constituencies, a few serious Democrats are backing Reed—not because of some supposed right-wing conspiracy, but because they have enough foresight to see what’s happening to municipal services. .... “All of the cities that have gone into bankruptcy have different variables that have contributed to their problems,” said Jack Dean, vice president of California Pension Reform.

“The one consistent theme that all of them have is high payroll and pension costs.” Unless those costs are reined in, Desert Hot Springs won’t be the last city to find itself in desperate straits."
Desperate Hot Springs by Steven Greenhut - City Journal





In how many venues, on how many issues, must conservative direction be shown to be the only way to keep from 'killing the golden goose,' the American dream???



Do Liberals ever....ever....wake up?
 
...unions have been ramping up their attacks on Reed ... on behalf of a union-funded think tank....dismissed the idea that pension reform is a bipartisan cause, pointing out that the measure enjoyed “right wing” financial support...
The unions are hoping for tens of billions in bailout dollars like they got w/ GM but those days are gone and so is the money. These days it's pensions that get cut-- (Court Rules That Detroit Is Eligible For Chapter 9 And That Pensions May Be Impaired In Chapter 9 - Financial Restructuring - United States)--athough you'll only hear about it in the foreign press...
 
Liberal Economics: Bankruptcy

You mean like "trickle down" and "failed tax cuts for the rich"? We always have to clean up GOP mess. So tiring.
 
...unions have been ramping up their attacks on Reed ... on behalf of a union-funded think tank....dismissed the idea that pension reform is a bipartisan cause, pointing out that the measure enjoyed “right wing” financial support...
The unions are hoping for tens of billions in bailout dollars like they got w/ GM but those days are gone and so is the money. These days it's pensions that get cut-- (Court Rules That Detroit Is Eligible For Chapter 9 And That Pensions May Be Impaired In Chapter 9 - Financial Restructuring - United States)--athough you'll only hear about it in the foreign press...

Better the CEO of Aetna gets a hundred million dollar paycheck than pay a single union member for busting his butt.
 
...unions have been ramping up their attacks on Reed ... on behalf of a union-funded think tank....dismissed the idea that pension reform is a bipartisan cause, pointing out that the measure enjoyed “right wing” financial support...
The unions are hoping for tens of billions in bailout dollars like they got w/ GM but those days are gone and so is the money. These days it's pensions that get cut-- (Court Rules That Detroit Is Eligible For Chapter 9 And That Pensions May Be Impaired In Chapter 9 - Financial Restructuring - United States)--athough you'll only hear about it in the foreign press...

Better the CEO of Aetna gets a hundred million dollar paycheck than pay a single union member for busting his butt.

The CEO of Aetna gets a yearly salary of 977,159.00. The millions he gets in bonus is from the stock market of the company.
The single union member would be pretty well off for retirement if he was able to do the same thing.

There is a big difference between CEO's salary and their bonuses.
 
The ideology of Progressive Liberalism itself is bankrupt, so it's not surprising that its application to economics is an Epic Fail.

Hopenchange!
 
Liberal Economics: Bankruptcy

You mean like "trickle down" and "failed tax cuts for the rich"? We always have to clean up GOP mess. So tiring.


"We always have to clean up GOP mess. So tiring."


"We"????


You have a tapeworm?


No wonder you're 'so tired.'




Quick....cancel one or two of your psychiatrist appointments and make one with an internist.
 
Liberal Economics: Bankruptcy

You mean like "trickle down" and "failed tax cuts for the rich"? We always have to clean up GOP mess. So tiring.



Nah....I mean like 'Tax and Spend" ....endlessly.




Like this Democrat:
1.[Obama] "continued to call for the government to be funded and the debt ceiling raised in one swoop, the source said." Obama positive on GOP debt limit proposal, continues to demand government reopen ? CNN Political Ticker - CNN.com Blogs






....who, having no principles......simply spoke out of his other face:

2. 'The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the US Government can not pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies.

Increasing America's debt weakens us domestically and internationally.

Leadership means that "the buck stops here."

Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.'
snopes.com: Obama on the Debt Limit



Who elected this double-dealing snake-oil salesman?


Oh....right....you did.
 
Having bashed the GOP over the recent government shutdown, the President is about to win the battle of the the long term debt ceiling....." A deal, which will fund the government through Jan. 15 and raise the debt ceiling through Feb. 7, ....
Senate Approves Deal To Fund Government, Raise Debt Ceiling « CBS DC

Rumor has it the GOP will throw in the towel.....



So the following represents the future, as well:


1. "THE BIGGEST SPENDER: OBAMA HAS SPENT MORE MONEY THAN ANYONE IN HISTORY OF WORLD

"It’s official. President Barack Obama is the biggest spender in the history of the world. And that is not hyperbole. Like a shopaholic who denies the addiction, Obama has consistently been in denial about his reckless spending addiction. Despite President Barack Obama’s denials, though, an analysis by Forbes shows there has not been a greater spender than Obama.

According to Forbes, “Obama’s own fiscal 2013 budget ... shows federal spending increasing from $2.983 trillion in 2008 to an all time record $3.796 trillion in 2012, an increase of 27.3%” and, “before Obama there had never been a deficit anywhere near $1 trillion.” The Biggest Spender: Obama Has Spent More Money Than Anyone In History of World






Which leads to this overwhelming question:
Does the pattern witnessed in large cities like Detroit, and small cities like Desert Hot Springs no longer apply to nations?




Or.....is the United States heading for the same economic situation as the above?


And, if so......why doesn't Obama know?
 
Last edited:
HEY, OBAMA!

Check this out:


U.S. NATIONAL DEBT CLOCK
The Outstanding Public Debt as of 10 Dec 2013 at 02:17:42 PM GMT is:

$17, 236,896,837,857.16



The estimated population of the United States is 317,212,522
so each citizen's share of this debt is $54,338.64.


The National Debt has continued to increase an average of
$ 2.69 billion per day
since September 30, 2012!
U.S. National Debt Clock


Liberal economics at its finest!
 
With apologies to Edmond Rostand....'now, as I end my refrain, thrust home!'


Did any notice the salaries that those have-to-be Democrat city managers make???
"The city manager’s salary and benefits top $300,000 annually."



"The top 1 percent of American households had pretax income above $394,000 last year. The top 10 percent had income exceeding $114,000."
Richest 1% earn biggest share since Roaring '20s

So....a husband and wife Democrat city managers in Desert Hot Springs are way into the top 1%.


Calling 'Occupy Wall Street.........'.
 
"Tea party and conservative groups pounced on the budget proposal that congressional leaders carved out behind closed doors, saying that the plan is based on the faulty premise of increasing spending now in exchange for future spending cuts that will never materialize."

Read more: Tea partiers turn on Capitol Hill budget deal - Washington Times
Follow us: [MENTION=39892]Was[/MENTION]htimes on Twitter


Only 'Tea Party' and 'conservatives' want to reduce spending?

Gee....what a surprise!
 

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